A Lifelong Champion of Strategic Business Transformation

Dr. Anish Shah is a 53-year-old American national, possessing an Overseas Citizen of India (OCI) Card. Despite his American nationality, he is a resident of India.

Introduction

Dr. Anish Shah is an eminent figure in the business world, known for his expertise in strategic development and transformation of businesses across diverse industries. As the Managing Director and CEO of Mahindra & Mahindra Limited, he has shown exceptional leadership in overseeing the Group’s multifaceted businesses. A scholar of Corporate Governance with a Ph.D. from Carnegie Mellon’s Tepper School of Business, Dr. Shah has an illustrious career that is studded with significant roles in reputed companies and impactful contributions to the business landscape.

Early Life and Education

Dr. Shah is a distinguished scholar with a strong educational background in Business and Management. He holds a Ph.D. from Carnegie Mellon’s Tepper School of Business, where he specialized in the field of Corporate Governance. His academic journey at Carnegie Mellon also included a Masters’s degree. Before his time at Carnegie Mellon, Dr. Shah completed a postgraduate diploma in Management from the Indian Institute of Management, Ahmedabad.

During his academic journey, he was the recipient of several prestigious scholarships such as the William Latimer Mellon Scholarship, the Industry Scholarship at IIMA, National Talent Search, and Sir Dorabji Tata Trust.

Career Journey

Early Career

Dr. Shah started his professional career at Citibank in Mumbai as an Assistant Manager in Trade Services. Later, as a Strategy Consultant at Bain & Company in Boston, he worked across multiple industries, including banking, oil rigs, paper, paint, steam boilers, and medical equipment.

Leadership Roles in GE and Bank of America

From 2009 to 2014, Dr. Shah served as the President and CEO of GE Capital India, where he led the transformation of the business, including a turnaround of its SBI Card joint venture. His 14-year tenure at GE Capital also involved various leadership positions in the US and global units, contributing significantly to business growth and risk management. For his exceptional use of Six Sigma in developing a “Digital Cockpit,” Dr. Shah received GE’s prestigious Lewis Latimer Award.

Additionally, he made substantial contributions at Bank of America, leading their US Debit Products business. He was instrumental in launching an innovative rewards program and led various initiatives in payment technology.

India CSR — Board of Governance Mahindra & Mahindra 2023. Source: Annual Report 2023

Transformational Leadership at Mahindra & Mahindra

Dr. Anish Shah joined Mahindra Group in 2014 as Group President (Strategy). In this role, he played a crucial part in key strategic initiatives, enabled synergies across group companies, and built capabilities in digitization and data sciences. His role expanded in 2019 when he was appointed Deputy Managing Director and Group CFO, overseeing all businesses other than the Auto and Farm sectors. In his current position as the Managing Director and CEO, his primary focus is nurturing a purpose-driven organization, establishing tech leadership, and fostering value creation across businesses.

Directorships and Committee Positions

In addition to his primary role, Dr. Anish Shah holds numerous directorships and committee positions. These include Chairman of Mahindra & Mahindra Financial Services Limited and Mahindra Logistics Limited, Non-Executive and Non-Independent Director of Mahindra Lifespace Developers Limited, Tech Mahindra Limited, and Mahindra Holidays & Resorts India Limited. He is also the Additional Director of Tech Mahindra Foundation and Senior Vice President of the Federation of Indian Chamber of Commerce & Industry (FICCI).

Important Facts about Dr. Anish Shah

Education	Career	Awards
Ph.D., Corporate Governance, Carnegie Mellon’s Tepper School of Business	CEO, Mahindra & Mahindra Limited	GE’s prestigious Lewis Latimer Award
Masters degree, Carnegie Mellon	President and CEO, GE Capital India	William Latimer Mellon Scholarship
Postgraduate Diploma in Management, Indian Institute of Management, Ahmedabad	Group President (Strategy), Mahindra Group	Industry Scholarship at IIMA
	Director and Senior Vice President, FICCI	National Talent Search
	Chairman, Mahindra & Mahindra Financial Services Limited	Sir Dorabji Tata Trust

Career at Mahindra Group

Shah has been serving as the Managing Director and Chief Executive Officer of Mahindra & Mahindra Limited since 1st April 2020, marking a tenure on the board of three years. His current term is expected to end on 31st March, 2025. Additionally, he holds a notable shareholding in the company, amounting to 1,88,882 shares or 0.0152% of the company.

Appointment and Tenure

Dr. Anish Shah (DIN: 02719429) has held important roles at Mahindra & Mahindra Limited, a leading global company with interests across various sectors. From 1st April 2020 to 1st April 2021, he served as the Whole-time Director, also designated as the “Deputy Managing Director and Group Chief Financial Officer”, Company’s annual report said.

On 2nd April 2021, he assumed the position of the company’s Managing Director, also known as the “Managing Director and Chief Executive Officer”. His tenure in this role is expected to continue until 31st March 2025.

Dr. Shah’s contribution to the company’s growth and success is evident in these key roles. His comprehensive understanding of the company’s operations, combined with his deep financial insight and leadership qualities, make him an indispensable part of the Mahindra & Mahindra Limited team.

The details of his appointment and tenure are summarized in the table below:

Role	Designation	Start Date	End Date
Whole-time Director	Deputy MD and Group CFO	1st April, 2020	1st April, 2021
Managing Director	MD and CEO	2nd April, 2021	31st March, 2025

Board Memberships

Shah’s role in the Mahindra Group extends beyond Mahindra & Mahindra Limited. He is intricately involved in various capacities across the company’s diverse business ventures. Here are his current board memberships:

Tech Mahindra Limited: Non-Executive Non-Independent Director
Mahindra & Mahindra Financial Services Limited: Chairman and Non-Executive Non-Independent Director
Mahindra Lifespace Developers Limited: Non-Executive Non-Independent Director
Mahindra Holidays & Resorts India Limited: Non-Executive Non-Independent Director
Mahindra Logistics Limited: Chairman, Non-Executive Non-Independent Director

Outside the Mahindra Group, Shah does not hold any other directorships.

Committee Details

As per Regulation 26 of Listing Regulations, Dr. Anish Shah does not hold any positions as a Chairperson or Member in any committees.

Professional Expertise and Experience

Dr. Anish Shah brings a wide array of expertise and experiences to his roles within the Mahindra Group. His areas of proficiency include:

Global business and broad international exposure, particularly in emerging markets.
Technology and Innovation, pivotal in today’s evolving business landscape.
Governance and Regulatory oversight, essential for maintaining business integrity and legal compliance.
Sales and Marketing, fundamental in achieving business growth and customer engagement.

His rich business experience, coupled with his financial expertise and risk oversight, position him uniquely in steering the Mahindra Group towards continued success.

Growth of Dr. Anish Shah’s Remuneration – 2023

Dr. Anish Shah’s remuneration has seen substantial growth across different components between the years 2022 and 2023, indicating the company’s improved performance and its commitment towards rewarding its key personnel.

We have evaluated the changes in Dr. Anish Shah’s remuneration across several categories, including salary and perquisites, stock options, and other contributions to funds over the period of two fiscal years ending on 31st March 2022 and 2023.

Basic Salary Scale

Rs. 30,00,000 to Rs. 55,00,000 per month with effect from 1st August, 2023 to 31st March, 2025.

Performance Pay

Performance Pay based on his performance and performance of the Company to an amount not exceeding 235% of the Annual Basic Salary from the Financial Year 2022-23 to the Financial Year 2024-25. All other terms and conditions relating to his appointment and remuneration as approved earlier by the Members remain unchanged and continue to be effective.

Salary Including Perquisites

Dr. Anish Shah’s salary, including perquisites, exhibited a considerable growth of around 36.26% from 2022 to 2023. It escalated from Rs. 8.77 crores in 2022 to Rs. 11.95 crores in 2023. This increase signifies a favorable performance by the company, leading to higher compensations for its key management personnel.

Stock Options

In terms of stock options, there was a substantial growth observed. They rose from Rs. 2.64 crores in 2022 to Rs. 3.97 crores in 2023. This indicates an impressive growth rate of 50.38%. This rise might be an indication of the company’s intent to motivate and retain its key executives through long-term equity awards.

Other Contributions to Funds

Other contributions to funds also saw a modest increase. These grew from Rs. 0.48 crores in 2022 to Rs. 0.52 crores in 2023, accounting for a growth rate of 8.33%. This increase could be associated with standard increment rates or an enhancement in the benefits provided by the company to its employees.